Federal Housing Administration commissioner Carol Galante announced Wednesday a series of changes to be issued this week that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The announced changes include consolidating FHA's reverse mortgage program, raising of mortgage insurance premiums, and requiring borrowers to continue paying annual insurance premiums for the entire life of their mortgage loans.
Read More »FOMC to Continue Low Rates Efforts, Reinvestment Program
With a nod to the report the nation's economy had contracted in the fourth quarter, the Federal Open Market Committee ("FOMC") voted Wednesday to continue its program of purchasing $40 million a month of mortgage-backed securities (MBS) and to maintain the target Fed Funds rate at 0 to 0.25 percent. The FOMC vote was 11-1 with only Kansas City Fed President Esther George (in her first meeting as a voting member of the committee) voting "no."
Read More »McLean Mortgage Corp. Closes $1.5B in Volume in 2012
McLean Mortgage Corporation, a privately held full-service mortgage lender based in Fairfax, Virginia, announced that the company closed more than $1.5 billion in mortgage volume in 2012, a 140 percent increase in production levels over 2011.
Read More »CoreLogic Launches RMBS Bond Assessment Service
Irvine, California-based CoreLogic announced the availability of CoreLogic Bond Tracker, a new bond assessment service for non-agency residential mortgage-backed securities (RMBS).
Read More »Credit Scores Among Online Mortgage Applicants On the Rise
The average credit score among online mortgage shoppers is rising and is well above the overall national average, according to a recent study by MortgageMarvel.com.
Read More »December Unemployment Rates Down in Most Metro Areas
Lincoln, Nebraska recorded a best-in-the-nation 3.4 percent unemployment rate in December as unemployment rates dropped in 290 of the 372 metropolitan areas in the county, the Bureau of Labor Statistics (BLS) reported Wednesday.
Read More »Increasing Rates Topple Mortgage Applications
Mortgage applications declined for the week ending January 25, according to application data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey. The survey's Market Composite Index, a measure of application volume, decreased 8.1 percent week-over-week on a seasonally adjusted basis, the association reported. The results include an adjustment for the Martin Luther King holiday. After reaching a two and a half year high last week, purchase applications also dipped.
Read More »GDP Shows First Post-Recession Decline in Q4
For the first time since the end of the Great Recession, real gross domestic product (GDP) fell in the fourth quarter of 2012, the Bureau of Economic Analysis (BEA) reported. According to the BEA, GDP fell 0.1 percent in Q4, performing even worse than economists had expected. The biggest hits to fourth quarter GDP came from a sharp drop in government spending, which fell 6.6 percent from the third quarter. Private investment fell 0.6 percent, primarily due to inventory investments and a fall-off in exports.
Read More »Analysts Examine Bigger Picture in Case-Shiller News
Following S&P's calculation of a 0.1 percent decrease in prices in November, analysis on home price data remained positive.
Read More »Comptroller Discusses Fading Threats to Secondary Market
Conditions in the housing sector may have finally improved enough to bring life back to the securitization market.
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